V · 10-K · 2026A · Full report

Liquidity and Cash Position

VISA INC. · 2026-11-05 · Importance 42 · Surprise 14

At September 30, 2026, Visa held $12.9 billion of cash and cash equivalents and $850 million of available-for-sale debt securities. Operating cash flow increased to $23.728 billion in fiscal 2026 from $23.059 billion, while financing activities used $28.241 billion, primarily reflecting debt repayments, higher repurchases and lower senior-note issuance proceeds. Visa held $9.9 billion of available liquidity to fund daily settlement in the event a client could not settle. The U.S. litigation escrow held $628 million at year-end, restricted to covered litigation payments.

Key facts

• At September 30, 2026, Visa held $9.9 billion of available liquidity to fund daily settlement if issuing or acquiring clients could not settle. source
• Visa expects current and projected liquidity sources, including operating cash flow, to meet projected liquidity needs for more than the next 12 months. source
• Fiscal 2026 cash provided by operating activities was $23.728 billion. source
• At September 30, 2026, Visa had $12.9 billion in cash and cash equivalents, primarily cash and money market funds. source
• At September 30, 2026, Visa had $850 million of available-for-sale debt securities issued by the U.S. Treasury and U.S. government-sponsored agencies. source
• Visa indemnifies issuing and acquiring clients for settlement losses caused by another client's failure to fund settlement obligations, limited to unsettled Visa payment transactions. source
• During fiscal 2026, Visa generally was not required to fund settlement-related working capital. source
• At September 30, 2026, Visa had no commercial paper outstanding. source